The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1887-08-04
THEGl.EAT LOCK Up"
Ry Ill. United States Trfa<u'y
Department and Increasing al
the Rate Of over ten Hill
lions a Month.

lowed to cOlttllil every IHttTest VIII
feel il. Every foot of land will BE-
come If less yalla. every bu.iini
Of wheat. ever bn~i,el Of corn. every
pound o, cotton will decline III value.
On tie other hand. if the admini>fra-
ton goes, to work under the powers
given il by existing laws. and earn
estlv tries 10 frame rev laws for the
con Iteration of the incoming coli
gres.. II. shall see such III era Of
prosperity n was never before vii
messed in this land.
THE STU ALTON.
The fact *. that. with the excep-
ton Of some twenty millions depo>i-
ted by the Treasury with National
Banks. there il now locked up. cut
OF use and drawing no interest. in
the United States Treasury. the vast
sum Of nearly s3iO 600, 900.
tine hundred millions of this vast
sum the treasury is Obliged to keep
under the laws as Il reserve against
United States notes.
Upwards OF another hundred mil
lions of this vast sum Is retained to
redeem the notes of National Banks
failed or retiring circulation.
There is no law requiring the treas
urv to keep this sum locked up. il
is onlv required to redeem the notes
rs presented.
1t will be years before these Ma
tional Bank notes will all come i'll,
and il is more than likely that to >
per cent. vii! never be presented.
should this money liz idle all these
wears? Ii ii must there il some de-
feet in the national banking law
which ought to be corrected.
WHY congress should have put it
in the power of the national banks
to use the treasury in this way is a
serious question.
OF the balance of this vast sum
there is retained to meet past due
bonds. disbursing officers drafts p.
o.. department accounts and diverse
appropriations. nearly seventy mil
lion dollars. just rs if the treasury
was not receiving from the people
every month upwards Of twenty-five
million dollars to meet all these
things.
For all the above the treasury de-
partment may set up a valid excuse:
but. il 50. the next congress should
see that something is done to utilize
a large part of this sa7o,GoO,CcO as is
consistent and safe.
Still remaining is Ss0,OOO,0OO for
which lock up there is no reason or
law except the ruling or wishes Of the
treasury department.
1t il well for the people to know
how the treasury stands.
The following figures are from the
official statement issued by Secretary
Fairch;l,.. June 80, 1887:
IN THE TREASURY.
Geld Coin and Bullion. S21-. iOl .10G 20
silver STANDARD Dollars.
Bullion Trade Dollars. 3ia,t:5, .G. &c
and Fractional silver
United states Notes, $3.50, 1851?
National Bank Notes, 1a1 0i6 90
Deposited In National Backs, :299i .sO2, 50
$50 S.. $40 ~
At same date the treasury had out
standing,
Gold Certificates. sal :aa 70, Ha
Silver certificates. tis1is.ai..0a
L, 8, Notes Certificates, SO Go2t,
a:2,il3 $3.50
Thus leaving. with tho exception
OF the little part III tine Nation
"a. 49, .39l.ri
al Banks, Locked Up In the
Treasars.
With an outstanding debt of over
one thousand millions. Oh which the
people are taxed $4i ass yearly
for interest payments. we would SUBJ
nit the simple question:
i it just 10 the people to keep.
year in and year out. $685.. 900 900
locked up in the treasury. drawing
no interest and doing no good?
Since the issue of oar circular of
June 16th--''Wha: use shall the Gov
er nnent make Of its surplus. we
have received hundreds of newspa-
pers and communications from all
parts of the land Oh thi. subject. all
showing deep interest and concern
over the treasury surplus. BY far
the larger majority think as We do,
that the sooner the rebellion debt
is cleared out. bought up. paid off
and forgotten. the better for the
whole country.
1t would be far better for the cot;n-
try If $50 oG3, 900 cT thi. money was
Immediately used to rcali.c. tl,e in
terest- bearing debt. even il the gov
eminent made nothing b, it: but i!
can not only reduce TIE debt bur
save millions in future interest pay
ments by doing 20.
Truly. HARVEY FISK & Sons.
(Not one cent of it should be
bought up" Pay it, pay it now.
payment is not reputation. No
American congress has the right to
bind the people to Il bond-holding.
usury-sucking tax-escal,ing aristo-
cracy one moment, much less for
twenty years. Ed =. d.